Advertisement
Canada markets close in 1 hour 55 minutes

  • S&P/TSX

    21,793.26
    +84.82 (+0.39%)
     

  • S&P 500

    4,976.03
    -35.09 (-0.70%)
     

  • DOW

    37,976.42
    +201.04 (+0.53%)
     

  • CAD/USD

    0.7273
    +0.0010 (+0.14%)
     

  • CRUDE OIL

    83.42
    +0.69 (+0.83%)
     

  • Bitcoin CAD

    88,639.32
    +2,204.18 (+2.55%)
     

  • CMC Crypto 200

    1,385.05
    +72.43 (+5.52%)
     

  • GOLD FUTURES

    2,408.50
    +10.50 (+0.44%)
     

  • RUSSELL 2000

    1,947.05
    +4.09 (+0.21%)
     

  • 10-Yr Bond

    4.6230
    -0.0240 (-0.52%)
     

  • NASDAQ

    15,339.08
    -262.42 (-1.68%)
     

  • VOLATILITY

    18.42
    +0.42 (+2.33%)
     

  • FTSE

    7,895.85
    +18.80 (+0.24%)
     

  • NIKKEI 225

    37,068.35
    -1,011.35 (-2.66%)
     

  • CAD/EUR

    0.6826
    +0.0005 (+0.07%)
     
MARKETS LIVE BLOG:

S&P 500 SLIPS BELOW 5,000; NASDAQ SINKS ON NETFLIX DRAG

Fed's Goolsbee says 'It makes sense to wait' before cutting rates

It's bitcoin mania: Twice as many people downloaded Coinbase as Instagram last week (AAPL)

Kif Leswing
Updated

  • Lots of first-time cryptocurrency investors are downloading Coinbase, an easy-to-use app for buying and selling bitcoin.

  • According to one estimate, the app notched 700,000 downloads over a single week in December.

  • That was twice as many downloads as Snapchat or Instagram over the same time period, according to the analysis.


The price of bitcoin spiked over the past month, drawing hordes of first-time investors eager to speculate on the cryptocurrency.

Lots of them are flocking to Coinbase, an easy-to-use service that lets people exchange dollars for bitcoin. The app quickly shot up to the top free spot on Apple's App Store charts in the United States, though it settled down to the No. 8 spot on Friday.

ADVERTISEMENT

New analysis from the app-analytics firm Sensor Tower shows just how many people downloaded Coinbase on their iPhones and iPads.

Over the week that ended Tuesday, as bitcoin mania was spiking, Coinbase saw 700,000 first-time installs.

coinbase snapchat instagram
coinbase snapchat instagram

Sensor Tower

That was twice as many first-time installs as juggernaut apps like Snapchat and Facebook's Instagram achieved over the same time period, according to Sensor Tower's data. On Friday, a review of the charts showed that Coinbase had slid below Snapchat and Instagram once again.

But it's still a meteoric rise for an app that was ranked in the 300s in the US on the App Store only a month ago.

And if bitcoin's price continues to rise, you can expect people to continue downloading Coinbase and other so-called wallet apps in large numbers.

bitcoin wallet app download growth (1)
bitcoin wallet app download growth (1)

Sensor Tower

NOW WATCH: The Navy has its own Area 51 — and it’s right in the middle of the Bahamas

See Also:

SEE ALSO: An app for buying and selling bitcoin has rocketed to the top of the iPhone App Store charts